Commonwealth Equity Services LLC Sells 335 Shares of TowneBank (NASDAQ:TOWN)

Commonwealth Equity Services LLC decreased its holdings in TowneBank (NASDAQ:TOWN) by 2.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 12,880 shares of the bank’s stock after selling 335 shares during the period. Commonwealth Equity Services LLC’s holdings in TowneBank were worth $439,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of TowneBank during the fourth quarter worth approximately $14,122,000. Lightrock Netherlands B.V. acquired a new stake in TowneBank during the fourth quarter worth approximately $6,746,000. Victory Capital Management Inc. increased its stake in TowneBank by 9.1% during the 4th quarter. Victory Capital Management Inc. now owns 2,155,201 shares of the bank’s stock worth $73,406,000 after acquiring an additional 180,330 shares during the period. Bank of New York Mellon Corp raised its holdings in TowneBank by 19.6% in the 4th quarter. Bank of New York Mellon Corp now owns 537,845 shares of the bank’s stock valued at $18,319,000 after acquiring an additional 88,277 shares in the last quarter. Finally, Barclays PLC increased its position in shares of TowneBank by 90.8% in the third quarter. Barclays PLC now owns 143,914 shares of the bank’s stock worth $4,758,000 after purchasing an additional 68,479 shares during the period. Institutional investors own 55.99% of the company’s stock.

Analyst Upgrades and Downgrades

TOWN has been the subject of several recent analyst reports. Hovde Group raised shares of TowneBank from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $39.00 to $38.00 in a research report on Friday. Stephens restated an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a research report on Thursday, January 23rd.

TowneBank Stock Performance

TowneBank stock opened at $30.61 on Friday. TowneBank has a 52 week low of $25.70 and a 52 week high of $38.28. The stock has a market capitalization of $2.30 billion, a P/E ratio of 14.24 and a beta of 0.79. The stock has a fifty day moving average of $35.45 and a 200-day moving average of $34.82.

TowneBank (NASDAQ:TOWN) last issued its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, topping the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. On average, research analysts forecast that TowneBank will post 2.6 earnings per share for the current year.

TowneBank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Monday, March 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $1.00 dividend on an annualized basis and a yield of 3.27%. TowneBank’s dividend payout ratio is currently 46.51%.

TowneBank Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.